How CloverDX helps FinTechs manage data

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The FinTech sector hinges upon the need for streamlined, reliable data ingestion, transformations, and connections. This speaks to both the client onboarding process, as well as the performance of everyday client services.

However, there are a number of complexities that stand in the way of this. FinTech organizations often:

  • Work with other companies that use and maintain necessary legacy systems (sometimes upwards of 40 years old)
  • Handle varied legacy file formats that don't align with their internal needs
  • Need to integrate their partners' old technology and data formats with their newer tech

Fortunately, CloverDX thrives on complexity. And specifically in regards to the FinTech industry, it can offer many compelling benefits that help companies better manage data processes.

5 fantastic FinTech benefits

In this blog, we'll be looking at five practical CloverDX advantages that could help your organization gain back time and peace of mind.

1. Faster loading times, reduced manual processes

If your FinTech organization deals with a colossal number of data sources and clients, the chances are traditional script-based integration will only slow you down.

One of our financial customers suffered from this exact issue. They spent a large proportion of their time processing tens of millions of Salesforce records using legacy scripts. This resulted in outdated and error-ridden data sets.

With CloverDX however, they reduced their load time from 12 hours down to 41 minutes. This freed up resources for their teams, allowing them to spend less time on firefighting data problems and more time on value-driven tasks. Read how they achieved this.

2. Streamline client onboarding and ingestion

Slow client onboarding can lead to delayed revenue recognition on your part, as well as client dissatisfaction. Indeed, that's what makes perfecting the onboarding process one of the keys to FinTech success.

Therefore it's important to remove bottlenecks so that your clients can get set up rapidly.

With CloverDX, you can automate client data ingestion and streamline the entire onboarding process. This makes it easier for your clients, as they don't have to spend time or money making their data fit your templates or formats. Through the use of repeatable processes, you can cut out any manual errors, and gain back time for more business-critical tasks.

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3. Convert data at scale

FinTechs typically ingest large amounts of data from a plethora of different places, often in different formats. In the case of ACH transactions, a business may work with various different partners, all of which use different methods and formats. Some may work with cloud technology, others may work with APIs, and some may work with both.

Of course, this mismatch of data can become messy.

This is where CloverDX comes in handy. The platform allows your FinTech business to quickly and easily ingest any type of data and convert it into your internal format. You can create your own connectors with custom behaviors to ensure you validate all data (automatically) upon entry.

This saves time and effort down the line, where you might typically have to validate data multiple times. And once you build the logic, you can use it repeatedly.

4. Bridge old and new data

'The first question, when you're wrestling with an older technology stack is - is it possible to get this information out? And where can we get to it? Can we find ways to get to it and bridge that gap to the modern tech?' - Jake Tupa, Choice Bank

As we mentioned earlier, legacy technology poses a big challenge to many FinTech organizations.

While these systems are still necessary for business operation, it can be hard to access, extract and merge older data with the more modern cloud-based tech stacks.

Our customer, Choice Bank, faced this exact problem. But, through the use of CloverDX's 'single point of truth' design, they were able to reliably and consistently access their organization-wide data.

You can hear more of Choice Bank's story in our webinar: Bridging Legacy Banking and Agile FinTech with Choice Bank

5. Secure data from end-to-end

Data security is paramount to the FinTech industry, especially when choosing a data management platform.

Fortunately, we've built the CloverDX platform with security in mind. For instance our platform does not store any of your data - only basic meta information, such as execution statistics and logs.

You host CloverDX in your own infrastructure (whether on-premise or in cloud), allowing you to ensure it suits your own security requirements and integrates with your chosen systems.

You can read more about CloverDX's security approaches and our overall mentality in this white paper.

CloverDX: Solving complex FinTech problems

Many of our clients chant a similar mantra: the easier it is to manage your data, the more time you'll have to work on valuable innovative projects.

And for FinTech organizations who depend upon continually bolstering their client services, this is invaluable.

That's exactly where CloverDX lends a hand.

By solving your complex data problems, you reduce the need to 'firefight' common data challenges, such as validation and ingestion. This means you can focus on driving your business forward.

For more on how CloverDX helps FinTechs deal with data challenges, watch our webinar: How Banking and FinTech Companies Are Solving Complex Data Challenges

Webinar - How banking and fintech companies are solving complex data challenges - watch now

Posted on September 07, 2021

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